WisdomTree’s third quarter results in 2026 drew a notably negative market reaction, as revenue growth fell short of Wall Street’s expectations despite a substantial year-on-year increase. Management pointed to broad-based net inflows, ongoing expansion across U.S., European, and onchain platforms, and the integration of recent acquisitions as key growth contributors. CEO Jonathan Steinberg and his team also emphasized cost discipline and improved operating leverage, attributing margin expansion to a scalable business model and AI-driven efficiencies. However, a decline in transaction and performance fees, particularly in European products, weighed on top-line growth.

Is now the time to buy WT? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our top 5 analyst questions from WisdomTree’s Q3 earnings call

• Wilma Burdis (Raymond James) asked about the future structure and opportunity for combining private assets with public ETFs. CEO Jonathan Steinberg shared that initial products would be predominantly liquid with limited private allocations, leveraging existing farmland assets and potentially private company shares.
• Wilma Burdis (Raymond James) inquired about expense moderation and tokenization business profitability. CFO Bryan Edmiston cited seasonal and structural cost controls, while Head of WisdomTree Onchain Will Peck noted the business is still in investment mode with a large addressable market.
• George Sutton (Craig-Hallum) questioned the impact of recent regulatory developments and the scalability of tokenized money market funds. Peck emphasized that regulatory changes, particularly the GENIUS Act, are enabling broader adoption, and that the money market fund could grow substantially through platform partnerships.
• Michael Cyprys (Morgan Stanley) explored the monetization of digital asset initiatives and the timeline for distribution partnerships to drive inflows. Peck pointed to expense ratios and broker-dealer services as key revenue streams, and noted that recently announced partnerships could accelerate AUM growth as integration deepens.
• John Coffey (Oppenheimer) asked about the potential for tokenization as a service and the sourcing of private assets for future ETF products. Peck confirmed active conversations about offering tokenization infrastructure to third parties, while Steinberg indicated both wholly-owned and partnership models for private asset inclusion.

Catalysts in upcoming quarters

In the coming quarters, our analysts will be monitoring (1) the pace and breadth of net inflows across product lines and geographies, (2) the commercial impact of new distribution partnerships and digital asset launches, and (3) progress on regulatory fronts that could unlock further onchain growth. Execution on private asset integration and continued AI-driven efficiency improvements will also be essential signposts for sustained profitability.

WisdomTree currently trades at $20.52, down from $21.55 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

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